Naples Florida Real Estate Market Update | After Hurricane Ian

The regular monthly real estate housing data for August 2022 was released at the end of September, just a few days before Hurricane Ian left a very unwelcome calling card across the state of Florida.

So this month will be different than a typical monthly real estate update. There are a few late summer trends from the August data that are worth mentioning. And from there I’ll share some early thoughts about SW Florida’s housing market going forward. For that, there are a lot of unknowns. That’s what we’ll talk about in today’s episode -

It’s difficult to focus on an August 2022 Naples Florida area real estate update when so much has happened in the area and across the state of Florida in the last few days of September - just as last month’s data was ready to share. So please bear with me as I try to bridge from what we learned from the August 2022 data and consider where we are today. I’ll share some of the challenges that are rising up in the early weeks after this Hurricane.

During August, there were several things that indicate the greater Naples FL real estate market is moving to the more balanced market between sellers and buyers that we’ve been discussing the past few months. Both inventory and days on the market for active listings increased. Of the homes on the market during August, 36 per cent of them experienced a price decrease. On the other hand, while overall sales in August were fewer than in August last year, closed sales increased close to 6 percent over this July’s closed sales. And pending sales in August increased nearly 20% compared to July. August is usually a slower month than July, but not this year.

Another signal of the strength of the SW Florida housing market is that the overall median closed price continued to rise in August - up nearly 31 percent to $575,000 compared to $440,000 in August 2021.

Link to August 2022 Naples FL Area Real Estate Market Activity Infographic:
https://drive.google.com/file/d/1yC2d...


Rental units have been challenging to find and rents have been high and going higher before the hurricane.

That’s the backdrop to the awful storm, Hurricane Ian, that we experienced in Florida at the end of September. Where do we go from here? That’s difficult to know in great detail. I'll share a few early thoughts about what is ahead:

We can’t gloss over the destruction that’s happened close to our coastlines and beaches. It’s horrible. People are suffering and the communities here are rallying to try to find ways to help locally. There are also a number of communities that are further from the coast. While many had power outages and lack of data connectivity after the Hurricane, they are diligently cleaning up and businesses are reopening. Our downtown in Naples, along with local shopping centers, outlet malls and local shopping centers that weren’t as close to the coast are still here .. and most will be open by the time of our winter “season.” In just over 2 weeks since the hurricane, it’s pretty incredible and encouraging to see the progress being made across SW Florida.

Housing is a critical component of putting the pieces back together for everyone in SW Florida. We’ll be back with another market update report soon - to see how we’re doing in the greater Naples FL area housing market.

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